Asian Petroproducts & Exports Ltd

📊 Asian Petroproducts & Exports Ltd FY2022-23: Revenue Growth Amid Financial Notes

- Auditors issued a qualified opinion due to concerns over going concern basis, non-compliance with TDS provisions, and Ind AS-119 for employee benefits.

- Median employee remuneration for FY 2022-23 was Rs. 3.60 lakh per annum, with only 6 employees on roll as of March 31, 2023.

- No increase in salaries for non-managerial employees in FY 2022-23.

- Remuneration details: Mr. Jaykishor Chaturvedi received Rs. 24,00,000 (ratio 1:6.66 to median), Mr. Ankur Chaturvedi Rs. 4,20,000 (ratio 1:1.1), Ms. Anjali Gurnani Rs. 3,75,000 (ratio 1:1.4). Independent directors received no remuneration.

- Revenue from operations was Rs. 1,666.38 lakh, with a net profit after tax of Rs. 3.66 lakh.

- Total assets decreased to Rs. 204.63 lakh from Rs. 242.64 lakh in the previous year.

- Equity showed negative balance of Rs. 191.52 lakh, indicating erosion in net worth.

- Outstanding statutory dues include TDS defaults of Rs. 64,929 (late filing fee) and Rs. 23,969 (interest), and income tax dues from various years totaling over Rs. 70 lakh.

- Loans granted to Brijlaxmi Infotech Ltd. (Rs. 2.16 lakh closing balance), Brijlaxmi Leasing & Finance Ltd. (Rs. 1.05 lakh), and JJC (Guj) Pvt Ltd. (Rs. 0.43 lakh).

- Cash flow from operations was positive at Rs. 83.07 lakh, while financing activities showed net outflow of Rs. 75.40 lakh.

- Company affirmed compliance with remuneration policy and corporate governance standards per SEBI regulations.

- No frauds, pending litigations, or significant uncertainties affecting financial position were reported.

- The company is compliant with SEBI regulations including Listing Obligations, Takeovers, Insider Trading, and Capital Issuance Requirements.

- Equity shares allotted on April 23, 2022, are pending trading approval from the stock exchange.

- The board consists of five directors: one executive, one non-executive, one woman director, and two independent directors.

- Nine board meetings were held during the financial year, with attendance details provided for each director.

- Audit Committee met four times; Nomination and Remuneration Committee met twice; Shareholders' Committee met four times.

- Executive director remuneration was ₹24 lakh for the year; no sitting fees or commissions paid to non-executive directors.

- No penalties or strictures from SEBI or stock exchanges in the last three years; no material related-party transactions reported.

- Net profit after tax for FY2022-23 was ₹10.99 lakh; company is debt-free.

- Key financial ratios showed significant changes, including a drop in current ratio from 1.54 to 1.05 and negative return on equity.

- Shareholding pattern: Promoters hold 56.08%, individual shareholders 43.84%, with 51.74% of shares in dematerialized form.

- Revised Annual Report for FY 2022-23 submitted due to a typographical error in the Nomination and Remuneration Committee composition.

- Revenue from operations was ₹16.66 crore for FY 2022-23, compared to ₹0.35 crore in the previous year.

- Total revenue increased to ₹16.94 crore from ₹0.55 crore in FY 2021-22.

- Profit before tax was ₹0.15 crore, a significant improvement from a loss of ₹0.30 crore in the prior year.

- Net profit for FY 2022-23 was ₹0.11 crore, compared to a net loss of ₹0.30 crore in FY 2021-22.

- Earnings per share (EPS) was ₹0.14, up from a negative ₹0.43 in the previous year.

- No dividend recommended for the year due to insufficient profits.

- Mr. Siddharth Chaturvedi (DIN: 01968300) retires by rotation and is eligible for re-appointment at the AGM.

- AGM scheduled for September 30, 2023, at 1:00 PM IST via video conferencing.

- Record date for determining shareholders eligible to vote is September 24, 2023.

- Company is engaged in trading activities, with no change in business nature during the year.

- Internal financial controls are deemed adequate, and no material orders from regulators affecting operations were reported.

- No fraud reported by auditors, and no significant changes in commitments or financial position post-year-end.